Discover How to Analyze a Wholesale Property In Seconds and Generate Professional Letters to Justify Your Ridiculously Low Offer Price, Obtain Your Financing for an ALL CASH OFFER, and more… Guaranteed!
My name is Jeffrey Smith and I am a wholesale buyer! I search for wholesale deals everywhere. I sign up for wholesale e-mail lists, I network with other real estate investors. I want as many feet on the ground as possible searching the neighborhoods for good quick-turn properties. I want as many eyes in the sky searching the internet for good quick-turn properties.
I tried using bird-dogs, who simply point me at a suspect. They don’t negotiate a deal, they don’t inspect the property, they don’t analyze the financials, etc. That’s just a waste of time for me and the bird-dog.
I don’t even bother with bird-dogs anymore. My time is too valuable to chase down every suspect. I only want to look at prospects, not suspects!
A prospect is better than a suspect, because someone has already invested the time and effort to get the hard data for a wholesale buyer like me to make a decision. That someone is a wholesale seller who has run the numbers using professional tools, negotiated a solid deal with the motivated seller for a locked-in profit, and has locked-up the property under an assignable contract.
How would you like to earn $4,000 or $8,000 or more just by assigning a wholesale contract to a wholesale buyer like me?
If you spend just 8 hours a month in your spare time to find a wholesale property, get a professional estimate from an experienced general contractor, run the numbers and generate professional letters in less than 5 minutes to justify your price, lock-in financing, and then flip that paperwork to a wholesale buyer for $6,000, then you would earn $750 per hour!
Does 8 hours per month seem like too much time for your busy life? What if you asked your real estate broker to find those properties and your broker showed the property to your general contractor to write an estimate for repairs? You spend about 5 minutes to run the numbers and then generate the professional letters to lock up the deal? That would be about $6,000 profit for 5 minutes work on your part, which is equivalent to $72,000 per hour! That’s the power of leveraging Other People’s Time (OPT)!
There is a shortage of professional wholesale sellers!
I need professional wholesale sellers, not bird-dogs or amateurs, because I want prospects! So, I switched from bird-dogs to signing up for wholesale e-mail lists. I soon discovered that most of the lists are run by clueless amateurs, who don’t know how to analyze the financials, or how to inspect a property to calculate repair costs. They just cram together an amateurish e-mail flyer with some nonsense numbers and then e-mail blast to everyone hoping some fool will bite. What’s worse, is that they’ve put the property under contract at a price that is way too high for anyone to make profit or to justify financing. Now that property is off the market until the amateur cancels the contract, or the contract expires and the amateur loses the earnest money. Nobody wins.
Has that ever happened to you?
I get bombarded constantly by e-mail from amateur wholesale sellers with yet another “Awesome Wholesale Deal!” that is just pure nonsense. I want to see Great Deals that Make Sense! These amateurs, who are taught by clueless Gurus, have no idea how much money they are losing by presenting Terrible Deals that have NO CHANCE of finding any buyer.
After two or three of these bad deals from an amateur, I opt out of their stupid wholesale list, I put them on my spam list and send their e-mails directly to the Trash Bin.
I want to work with professionals, not amateurs!
If you are a Wholesale Buyer, have you ever seen these kinds of nonsense wholesale deals come across your e-mail?
- A wholesale flyer with a ridiculous retail After Repair Value (ARV)?
- A repair estimate without supporting documentation?
- An unsubstantiated wholesale asking price?
- A vague claim about “Great Cash Flow” or “Huge Profit”?
- No financing solution built-in to the deal? (Ask yourself why licensed professional real estate brokers have mortgage brokers sitting their open houses? Because that’s providing a financing solution to prospective buyers!)
If you are a Wholesale Seller, have you sent out wholesale flyers like I just described and got:
- No response? (The clock is ticking on your earnest money!)
- A seemingly never ending stream of negative criticism?
- Wholesale buyers opting out of your e-mail list?
I could go on, but my main point is that wholesaling quick-turn properties is a business and you must treat it like a business.
Many folks start out in the business of real estate investing by wholesaling properties to more experienced investors. These investors have access to cash to buy and fix-up the property, and access to good general contractors. This is called “quick-turning properties” and there is a real business model for it.
A Wholesale Seller can make very good money, with very little invested money, when operating like a business and using professional tools. Professional tools will leverage your time by dramatically improving the accuracy and appearance of your wholesale offer to your wholesale buyer.
As a wholesale buyer, your professional tools can quickly verify the financial analysis for a wholesale deal and you can decide in seconds whether this deal is a winner or a loser.
Whether you are a wholesale seller or a wholesale buyer, you must use professional tools.
Property Analysis Worksheet Short Form
I’ve solved the problem of quickly analyzing wholesale deals and generating professional 1-page letters for:
A private summary of the deal showing my exact profit, investment to value, hard costs and soft costs, with ratios, percentages.
Justifying my ridiculously low offer price.
Obtaining cost-effective financing, whether private financing or hard money financing!
Pre-approved financing letter shows you have the capability to close fast!
Getting a Letter of Interest for refinancing a fix-and-rent deal. You’ll know your exit strategy is ready before you buy the property!
Generating a Wholesale Opportunity Summary sheet for e-mail blasting to my list of wholesale buyers.
A cosmetic repair estimates worksheet that you can customize for your locale with Cost Per Unit, so you can quickly calculate the repair costs for your quick-turn deals.
A Quick-Turn Summary worksheet for extremely fast presentation to your private financiers as an email PDF attachment, or print out and take it to your local real estate investor club.
Everything that you, your wholesale buyer, the motivated seller, your financier, and your refinance lender need to know is summarized on professional 1-page letters. Quick and straight to the point. You can save the letters in PDF format and e-mail them to select members of your power team.
Your power team (real estate broker, title or escrow company, general contractor, private financier, and mortgage broker) want you to be successful! Whether you buy the property or assign the deal to a wholesale buyer, your power team makes money when you make money! They work for you! Your success is their success!
I’ve Cracked The Code!
I’ve worn many hats over the years, including CEO of a successful software company, principal of my own software company, and I have a talent for financial analysis. Years ago, I learned that real estate is all about the numbers. I know how to run the numbers and decide whether a deal is a loser or a winner. I’ve developed software solutions for residential and commercial real estate, and I’ve developed simple, yet powerful mathematical formulae for quickly analyzing properties of any size.
But running the numbers is not enough! I must present the information as professional letters. After only 5 minutes of trying to copy by hand the numbers from my spreadsheet over to a Word document, I realized that automation also applies to writing professional letters. So, I created professional mail merge templates that can directly pull the data from an Excel 2007 spreadsheet and insert it all into my Word 2007 mail merge templates.
The results were astounding!
I went from spending an hour generating just one letter down to about one minute per letter. The power of point-and-click technology can dramatically increase your productivity by orders of magnitude!
I was able to process properties faster than they crossed my desk! Filtering through the losers to find the winners takes time, and I use technology to leverage my analysis skills. The faster I can get rid of the losers, the faster I can find the winners!
I like having an unfair advantage over my competitors!
Here is an actual amateur wholesale flyer (the identifying information has been changed to protect the guilty). The Guru teaching this student claims this is a fabulous deal:
(Yes, the amateur misspelled ARV as AVR!)
How can any professional wholesale buyer decide to buy this property based on that amateur wholesale flyer? A professional wholesale buyer wouldn’t even bother to run the numbers, because of such a poor amateurish presentation.
If the wholesale seller actually ran some real numbers, he would realize that his wholesale asking price is about $50,000 too high! Clearly, the student and the Guru teacher have no clue how to analyze and present a wholesale deal.
Here’s a tip that most Gurus don’t know: Whether the asking price for a property works doesn’t matter to you, because you’ll write an offer that works for you with the real numbers. I don’t care how much the motivated seller wants for his white elephant. What the seller paid for the property has no correlation to what the property is worth to you today in its current condition. My software will tell me exactly what it’s worth in its current condition, and I’ll show the motivated seller the harsh reality in writing with my professional mail merge templates. The motivated seller will have a very difficult argument with you when faced with real numbers!
This software package is only $47 with immediate download, any time of the day or night.
Even at 3am, you can order now, download now, get started now!
Here’s a professional letter for a summary generated by a mail merge template that pulls the data from a spreadsheet. This is the private summary that only I look at when evaluating a property. It’s my Top Secret Analysis! I never show it to anyone else:
You’ll notice the “Supervision Fee” is to pay the project owner to repair the property. That’s cash upfront to cover the project owner’s personal expenses during the project. You won’t find a hard money lender offering to pay you to repair the property. Hard money lenders want you to pay them during the project! A private financier, maybe using a self-directed individual retirement account, is much more flexible about financing and compound interest. Retirement accounts don’t need monthly interest payments; they need the power of compound interest!
The “Assignment Fee” is the wholesale profit paid to the wholesale seller (“wholesaler”) when the contract is assigned to the wholesale buyer.
Here’s another professional letter that requests financing for the project from your private financier. The best private financiers provide all cash for acquisition and entry costs, and they understand the Time Value of Money by allowing the interest to compound:
If the project is fix-and-rent (buy-and-hold), then you need a take-out commitment to refinance the property after project completion. Here’s how to ask a refinance lender for a letter of interest (non-binding pre-approval) before you buy the property:
You may notice that the After Repositioning Value (ARV) is different from the fix-and-sell ARV. That’s because fix-and-rent requires Income Valuation, which the spreadsheet does automatically for you according to how much debt the property can afford to pay.
Private financing with self-directed individual retirement accounts are the new wave! The best feature of using a self-directed individual retirement account (SDIRA) is NO MONTHLY PAYMENTS! The interest compounds until repaid. By allowing compound interest, the total cost of the financing is actually less than a hard money lender, plus you can allocate some of the SDIRA financing for your monthly personal expenses! That means you can be paid for managing the project.
You can even find folks with SDIRA who just want the money repaid monthly over several years at a good interest rate, which is great for fix-and-rent projects. You can negotiate long term, fixed rate debt from one or more SDIRA holders (using a fractionalized trust deed). Use the SDIRA money to buy and repair, then rent out the property to a good tenant for steady cash flow, which you can use to repay the SDIRA and pay yourself.
When you’re ready, you can refinance the cash flowing property to repay the SDIRA. You’ll still own the property with positive cash flow and no net investment. That’s infinite yield. After a few years of good payment history, a good tenant may even qualify for seller financing by assuming the SDIRA debt without bank qualification. You have built-in financing to offer to your tenant to buy your property!
If you still want to use a hard money lender that requires monthly interest-only payments, then you can use my Hard Money Financing Request template:
This is how to submit a project financing request to a hard money lender. The interest-only monthly debt service and rolled-in incentive points are clearly explained. Just a few point and clicks, and you can email this template as a PDF file to your hard money lender to get a fast pre-approval letter!
Just remember that most hard money lenders were badly hurt in the mortgage meltdown. Many now require onerous down payments, proof of cash reserves, and many of them will only provide 60% of the purchase price and 0% of the repairs and carrying costs! That means you must cover the additional cash requirements from your own bank account. Just think how much risk they are shifting to you, and they need you more than you need them! (They still want to charge 4% to 7% points upfront and up to 18% annualized interest-only payments!) As if that’s not bad enough, some hard money lenders also want you to sign a personal guarantee! That puts all of your personal assets at risk, in addition to the subject property!
In my humble opinion, that’s not a true hard money lender. That’s a predatory lender. The cost and structure of financing should reflect the actual risk of the project, rather than trying to recover losses from earlier bad investments. An “all in” cash investment of 65% to 70% ARV has plenty of security and that business model worked successfully for decades before the meltdown. They don’t need to reduce the protective equity margin by another 40%! That’s just proof of their financial illiteracy.
That’s just a few of the many reasons that I recommend that you just stay with flexible Self-Directed Individual Retirement Account (SDIRA) lenders. There are still a few hard money lenders that are flexible in providing 100% loan-to-cost (LTC), but they are far more difficult to find compared to SDIRA lenders.
If you have a simple cosmetic quick-turn property, then you can use the Repair Estimates worksheet for quick estimate of the repairs.
You can directly print this worksheet or save it as a PDF file to give to your appraiser for an “as repaired” appraisal. You can even pre-fill the “Cost Per Unit” cells for items in your locale and save it as a template. Then as you’re talking with the seller or walking through the property with your laptop computer, just fill-in the unit count cells to calculate the estimated repair costs.
You also have a Rehab and Renovation Price Justification worksheet in the spreadsheet that you can directly print out or save to a PDF file. Send this PDF to the seller or to the broker to justify your ridiculously low priced all cash offer.
You also have a Quick Turn Investment Summary worksheet in the spreadsheet that you can directly print out or save to a PDF file for your private financier.
Just print several copies of this worksheet and take it to your local real estate investors club to see who is interested in financing or partnering with you on your project! You’ll find plenty of folks with Self-Directed Individual Retirement Accounts (SDIRA) who are interested in good returns secured by solid real estate.
If you are wholesale selling the project to a wholesale buyer, then you can save the Wholesale Opportunity worksheet as a PDF file. Then email blast the deal to your list of wholesale buyers.
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I include a 28-page Special Report on Strategic Real Estate Investing that explains the Time Value of Money, how to structure 100%+ financing with net positive cash flow to you for no money down, and how to be a syndicator to get paid to buy property with other people’s money!
With the correct analysis spreadsheet and professional mail merge templates, you can crank out wholesale deals in just minutes! You are operating like a professional!
You Can Operate Like A Professional,
Either As A Wholesale Seller or Wholesale Buyer or Both!
- You’ll negotiate with the motivated seller from a position of strength, because you have the Power of Legitimacy with your price justification and pre-approved financing professional letters.
- You get paid to buy and repair the property, without making periodic debt payments that eat into your profit. (I’ll show you how your retail end buyer pays for the private financing.)
- You can wholesale sell the deal with built-in financing to your wholesale buyers list. Private financing is the new wave that will replace hard money lenders and their obsolete business model.
- If you still want to use Hard Money lenders, you can use the spreadsheet to calculate your hard money financing costs and there is a special Hard Money Financing Request template. I include a special mp4 video tutorial that shows you how to set up the spreadsheet and how to generate the Hard Money Financing Request template.
- For a buy-and-hold (repositioning) project, you can arrange for back-end refinancing with a professional refinance request for positive cash flow with infinite yield.
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Time Is Money!
This technology is supercharging your wholesale business to the next level!
Want to know what’s in the immediate download package?
A PDF Wholesale Buyer Profile sheet so you can build a list of wholesale buyers and you know to whom you can send your wholesale deals.
A PDF Retail Buyer Profile sheet so you can build a list of wholesale buyers for your completed projects, or for a referral fee you can send a retail buyer to your wholesale buyer.
A separate Repair Estimates Excel 2007 worksheet that you can fill-in while you walk through the property. It covers everything in a typical residential quick-turn project.
A PDF Property and Seller Scoring sheet to determine how good is the Location, Condition, Price, Financing, and Motivation. You can quickly filter out the unmotivated sellers and the bad properties.
A PDF Motivated Seller quick screen call sheet. Quickly filter out the non-motivated sellers when they call on your advertisements. When combined with the Property and Seller Scoring sheet, you’ll know whether to hang-up or set an appointment!
The Excel 2007 Property Analysis Worksheet has an analysis sheet, an income valuation sheet for income properties, Unit Mix for multi-unit properties, Comparable Sales sheet, Repair Estimates for cosmetic (“lipstick on the pig“) projects, and a powerful macro-enabled mail merge sheet for pulling the data into the Word 2007 mail merge templates. In just a few seconds, you can calculate the costs to get into the project and the costs to get out of the project, then generate 1-page summary sheets. This spreadsheet also includes 3 detailed presentation worksheets for Quick-Turn Summary, Price Justification, and Wholesale Opportunity. You can quickly print them or save them as a PDF file.
NineTen Word 2007 mail merge templates for generating professional 1-page summary letters for your motivated seller, your private financier, your wholesale buyer, and your refinance lender.
TenEleven video tutorial (mp4) files (over 80 minutes) for the Excel 2007 analysis sheet and for the Word 2007 mail merge templates. I show you how fast and easy the sheets and templates are to fill-in and generate your professional summary letters. It’s all point and click in real time (it’s even faster when using Word 2007 keyboard shortcuts)!
A macro-enabled Excel 2007 “Data Filter” database “Private Financiers” spreadsheet for you to input your list of your private financiers. This spreadsheet is a “data filter” database for filtering your list of your private financiers based on several criteria, such as property type, financing (dollar) size, required minimum yields, etc. After filtering, you can copy-and-paste the email addresses into Outlook 2007 to email blast your project to your selected private financiers.
A 7-minute mp4 video tutorial for the “Private Financiers” database spreadsheet showing how to input the data, edit the data, and filter the data.
My 28-page Special Report “Strategic Real Estate Investing” PDF file that explains the Time Value of Money, how to calculate the Income Valuation of a property (I know of no Gurus that are teaching these mathematical formulae for 100%+ financed cash flowing properties), and how to get paid to buy property as a syndicator. You’ll learn how to get a share of ownership with no money down from your pocket, a positive cash flow into your pocket, and the property will be 100%+ financed with other people’s money (OPM)! That secret information alone is worth the price of this package!
“The presentation sheets for clients are the best I have seen. The small price for such quality work makes this …
the Ultimate Bargain.” — Harry W. Arnold, LaSalle Commercial Investments, LLC
Over 3 years ago, I purchased a Seminar and Boot Camp products from a well known “Guru” that was always attempting to sell me more products. I could never connect all the dot’s in their system and just didn’t understand why it wasn’t working for me. Then I purchased Jeffrey Smith’s “Ultimate Online Bargains” Educational Material for pennies on the dollar compared to the “Guru’s” products. The first benefit was that it was an intelligent approach to a logical process. I soon realized why the products from the “Guru” did not work for me. The “Guru’s” products were filled with “holes” in their information. I later found out that the “Guru” would reveal what was in those “holes” in their information for a few thousand dollars as a consultation charge. Jeffrey Smith’s educational material filled in those holes and things started to make sense. In addition, his customer service is second to none. There is no reason to waste time with those so-called “Guru’s”. I’m just glad I discovered the Ultimate Online Bargains when I did before I got into trouble with those other products. — E. Jones
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P.S.: Use the power of software to leverage your time, use Other People’s Money (OPM) to create wealth and financial freedom, and operate like a professional!
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